Hudson City Q1 Profit Down, Yet Tops View - Quick Facts

(RTTNews) - Hudson City Bancorp, Inc. (HCBK), the holding company for Hudson City Savings Bank, reported net income of $42.5 million or $0.09 per share for the first quarter, versus $47.9 million or $0.10 per share in the same period last year.

On average, 5 analysts polled by Thomson Reuters expected earnings per share of $0.07 for the quarter.Analysts'estimates typically exclude one-time items.

For the quarter, the company's net interest income declined 25.4 percent to $132.3 million from $177.4 million last year, reflecting the overall decrease in the average balance of interest-earning assets and interest-bearing liabilities, the continued low interest rate environment and an increase in the already high average balance of Federal funds sold and other overnight deposits. Analysts estimated revenues of $135.91 million for the quarter.

Total non-interest income for the quarter was $17.8 million compared with $2.5 million for the first quarter of 2013. The Bank's Tier 1 leverage capital ratio rose to 11.03 percent at March 31, 2014 compared with 10.82 percent at December 31, 2013.

Further, the board declared a quarterly cash dividend of $0.04 per share payable on May 30, 2014 to shareholders of record on May 13, 2014.